It’s estimated that up to 90% of employers are not prepared to meet the significant reporting requirements the Affordable Care Act (ACA) has imposed. CTR’s iSolved solution makes compliance easy.
Companies that employ 50 or more full-time equivalent employees are defined as an Applicable Large Employer (ALE). The employer mandate requires all ALEs to offer minimum essential coverage that is both affordable (9.5 percent income) and provides minimum value (policy pays 60 percent of the costs) or face a penalty called the Assessable Payment (play or pay). This coverage must be offered to all full-time (FT, defined by total hours of service) employees and is determined by using either a monthly or look-back measurement period. The employer mandate applies to ALEs of 100 or more in 2015 and 50 or more in 2016.
Please feel free to download these quick reference guides to help you understand ACA compliance.